Interest Rate Decision & Statement (JPY, GMT 02:30) – In Japan, BoJ Governor nominee Ueda indicated in his parliamentary hearing in February he would back the central bank’s ultra-accommodative policy for now. Additionally, though Ueda indicated the bank’s accommodative stance would be maintained, there is speculation that the policy stance will be shifted later this year and that has given JPY a lift.
Event of the Week – Non-Farm Payrolls (USD, GMT 13:30) – A 240k February nonfarm payroll increase is anticipated, after gains of 517k in January and 260k in December. A continued tight path for claims in February implies some upside payroll risk. We assume a 15k factory jobs rise after a 19k January increase. We expect the jobless rate to tick up to 3.5% from the 54-year low of 3.4% (3.43%) in January. Hours-worked are assumed to fall -0.3% after a 1.2% January surge, while the workweek falls to 34.5 from 34.7. Average hourly earnings are assumed to rise 0.3% after a 0.4% gain in December, while the y/y wage gain should rise to 4.7% from 4.4%. The ensuing strength in wage gains has allowed continued robust y/y increases, though the return of low-paid workers to the workforce is likely restraining wage increases.
Labour Market Data (CAD, GMT 13:30) – Canada’s unemployment is anticipated higher in February to 5.1% from 5.0%.
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